EDP – Energias de Portugal, S.A. (“EDP”), through its 82.6% owned subsidiary EDP Renewables North America LLC, has reached an agreement on a 20-year Power Purchase Agreement (“PPA”), with San José Clean Energy, to sell 100 MW of solar energy and 10 MW of energy storage from the Sonrisa Solar Park.
The Sonrisa Solar Park project had already secured a PPA for 100 MW of solar energy and 30 MW of energy storage, as announced on June 20, 2019, with the combination of solar and storage designed to increase efficiency and provide greater balance in energy supply. The project, that will now total 200 MW of solar energy and 40 MW of energy storage, is located in the U.S. state of California and is expected to start operations in 2022.
With this new agreement, EDP has now secured 1.8 GW of long-term energy agreements in the U.S. for projects to be installed through 2022. Given this new PPA, EDP has now contracted 47% of the ~7.0 GW targeted global capacity build-out for 2019-2022 period, as communicated in the Strategic Update on March 12, 2019.
EDP's success in securing new PPAs reinforces its low-risk profile and growth strategy based on the development of competitive and innovative projects with long-term visibility.
This information is disclosed pursuant to the terms and for the purposes of the article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council and of article 248-A of the Portuguese Securities code.
EDP – Energias de Portugal, S.A.